HT Media to lauch business daily

HT Media Ltd said it would invest Rs 38.5 crore to fund its various expansion plans, including the launch of a business newspaper.

Leading print media company, HT Media Ltd on Monday said it will invest Rs 38.5 crore to fund its various expansion plans, including the launch of a business newspaper.

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The board of directors have approved capital expenditure plans of the company of up to Rs 38.5 crore for launching a business paper, expanding its Hindi newspaper in Madhya Pradesh and re-organising its internet operations, HT Media informed the Bombay Stock Exchange.

The company will provide an interest bearing loan of Rs 30 crore to its subsidiary, HT Music & Entertainment Company Ltd, it said.

The board has also approved the appointment of Priyavrat Bhartia as a whole time director of the company with effect from February 1, 2006, it added.